Bond market conditions extremely favorable to Milton-Freewater Unified School District
By Caryn Appler
Bond market conditions on the day of the sale were extremely favorable to Milton-Freewater Unified School District. The Milton-Freewater Unified School District recently sold its $12.5 million of bonds at an average price of $115.82 per $100 of bond face value generating an additional $1,910,854.25 from the sale. The District’s careful planning and involvement with public finance firm representative, Matt Donahue from DA Davidson, allowed the District to generate the extra proceeds while staying under its estimated target tax levy of $1.10/$1000. Interest rates had fallen to new historic lows in the days leading up to the District’s bond sale and the District’s bonds were sold with an all-in true interest cost of 2.56%.
These additional funds will provide some added cushion to the District’s current 2016 Bond Project contingency budget. However, it is the District’s goal to manage the project budget so that the funds can be spent addressing needs of additional projects not currently listed within the bond project scope of work which include: K-3 Gib Olinger Elementary School, Grove Sports Complex, relocation of the bus barn and maintenance yard, and various projects at McLoughlin High School, Central Middle School and Ferndale Elementary.